USDJPY Extends Rally

• 31 Mar 2021

USD/JPY

The USD/JPY pair continues to extend its rally beyond the 109.54 resistance area, as bullish momentum has started to climb. Momentum indicators remain bullish, with RSI extending beyond the 70 overbought line, suggesting the current rally won’t last.

 

 

 

 

GBP/USD

The GBPUSD pair is testing the ascending trendline yet a break has not materialised. Doji candles highlight indecision in the pair and horizontal trading may commence especially in the absence of conviction from both buyers and sellers. Momentum indicators remain in bearish territory.  

 

 

 

 

 

EURUSD

The Eurodollar has broken the 1.184 support level and is now testing the 1.170 support area as selling activity starts to rise. A downtrend is is now well-established and is accelerating. A recent price low exists at the 1.160 price level. Momentum indicators are bearish with RSI touching the 30 oversold line. 

 

 

 

 

USDCAD

The USDCAD pair has broken the descending trendline and has moved to test the 1.263 resistance level. A price reversal may therefore be underway, if buyers can sustain the momentum. Momentum indicators have established upward trajectories.  

 

 

 

 

XAUUSD

XAUUSD has pulled back from the descending trendline as the metal began to sell-off in yesterday’s trading. The move took price action back to a recent low at the 1682 price line. Momentum indicators have extended into bearish territory with RSI testing oversold conditions.

 

 

 

 

USOUSD

The USOUSD cannot seem to gain enough ground to pull away from the 59.28 price line completely. Each rally attempt has been subdued by a rise in selling pressure. Price action will therefore move sideways in the near-term. Momentum indicators remain bearish.

 

 

 

 

US500

The US500 has repeatedly tested the 3975 price area as the rally continues at a more moderate pace. A bullish breakout seems imminent, given the ascending triangle pattern in price action- typically a bullish continuation signal. Momentum indicators have flattened in bullish territory.